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Royal Caribbean Cruises vs Norwegian Cruise Line Holdings: RCL and NCLH compared
Royal Caribbean Cruises is the larger company: $5.6B of revenue in its latest quarter (Q3 2026) against $2.9B for Norwegian Cruise Line Holdings (Q3 2026). Royal Caribbean Cruises is growing faster (+9% against +0.3% a year earlier). Royal Caribbean Cruises is more profitable, with an operating margin of 33.5% against 21.2%.
Where the money goes: RCL and NCLH
Royal Caribbean Cruises (RCL) · Q3 2026
Royal Caribbean Cruises, Q3 2026: revenue $5.6B (+9% year over year), operating margin 33.5%, net earnings $1.7B, operating cash flow $1.6B. The chart follows the revenue to costs, profit and cash.
Norwegian Cruise Line Holdings (NCLH) · Q3 2026
Norwegian Cruise Line Holdings, Q3 2026: revenue $2.9B (+0.3% year over year), operating margin 21.2%, net earnings $491M, operating cash flow $292M. The chart follows the revenue to costs, profit and cash.
| Royal Caribbean Cruises (RCL) | Norwegian Cruise Line Holdings (NCLH) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $5.6B | $2.9B |
| Revenue growth, Y/Y | +9% | +0.3% |
| Operating margin | 33.5% | 21.2% |
| Net earnings | $1.7B | $491M |
| Net margin | 30.9% | 16.7% |
| Operating cash flow | $1.6B | $292M |
| Free cash flow | $937M | — |
| Market value | $86.5B | $8.2B |
| P/E | 19.1× | 9.6× |
| Analysts’ mean target | $353.50 | $19.57 |
Where the revenue comes from
Royal Caribbean Cruises
- Passenger ticket revenues: $3.9B (69%)
- Onboard and other revenues: $1.7B (31%)
Norwegian Cruise Line Holdings
- Passenger ticket: $1.9B (66%)
- Onboard and other: $1.0B (34%)
Questions
Which is bigger, Royal Caribbean Cruises or Norwegian Cruise Line Holdings?
Royal Caribbean Cruises is the larger company: $5.6B of revenue in its latest quarter (Q3 2026) against $2.9B for Norwegian Cruise Line Holdings (Q3 2026).
Is Royal Caribbean Cruises or Norwegian Cruise Line Holdings growing faster?
Royal Caribbean Cruises is growing faster (+9% against +0.3% a year earlier).
Which is more profitable, Royal Caribbean Cruises or Norwegian Cruise Line Holdings?
Royal Caribbean Cruises is more profitable, with an operating margin of 33.5% against 21.2%.
More: Royal Caribbean Cruises earnings · how Royal Caribbean Cruises makes money · Norwegian Cruise Line Holdings earnings · how Norwegian Cruise Line Holdings makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 27, 2026; 10-Q filed Oct 29, 2026). Fiscal quarters can end on different dates. Not investment advice.